Climate Change and Electricity

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1 Collection : Sustainable development Climate Change and Electricity The European Carbon Factor Comparison of CO 2 emissions of Europe s leading electrical utilities > New update Includes the 2008 version of 2050 forecasts and the opinion of 1150 CEOs on climate change. November 2008

2 Report drawn up by PricewaterhouseCoopers Sustainable Development collection About PricewaterhouseCoopers Member of the global auditing and consulting network PricewaterhouseCoopers International Limited. PricewaterhouseCoopers Advisory ( is the first firm to offer a full spectrum of skills to help companies and organisations boost their performance for the long term by working with them in 4 key areas : growth strategy management, organisational improvements, cost and risk control and human resources management. Our main strength lies in the diversity of our workforce s backgrounds and experience, which includes 750 consultants in France at 25 regional facilities and 22,000 people in 149 countries. This multidisciplinary approach means we can offer solutions adapted to the challenges companies are facing. Enerpresse Over the last thirty years, Enerpresse has become the reference for French-speaking professionals in the energy industry, sector-based research and preventing the impacts of climate change. Thanks to its specialised editorial team and international network of correspondents, Enerpresse can provide a daily selection of the latest news from the French, European and international energy sectors. Enerpresse also publishes in-depth reports for all French-speaking members of the energy community on the challenges, industry players, markets and technologies that make it one of the most dynamic sectors in today s economy. In an effort to address the challenges of sustainable development, PricewaterhouseCoopers Advisory has created the Sustainable Business Services department. Its mission is to improve the economic, social and environmental performance of companies and raise awareness among stakeholders. The SBS network is present in over 40 countries (including China, India, Russia, Brazil, etc. and is active worldwide in sustainable development strategy, supply chain consulting, due diligence, climate change and sustainable development reporting. PricewaterhouseCoopers also serves its customers by focusing on economic sectors to better understand each one s specific challenges. Our energy sector team has 3,100 specialists worldwide, 300 of whom are partners. PricewaterhouseCoopers specialised team in France designs customised solutions to solve the problems of players in the energy sector.

3 CO 2 production and emissions from major European electrical utilities More work is needed between now and 2050 While the European directive to reduce CO 2 emissions was revised and made stricter in 2007, the combined emissions of Europe s top 22 electrical utilities were 800 Mt CO 2, or an increase of 23 Mt CO 2 versus 2006 (+3 % and 46 Mt CO 2 compared to 2001 (+6 %. In other words, the rise in CO 2 emissions observed during 2007 equals the total rise in emissions seen over the 5 previous years. Two factors have caused this increase. One, electricity generation for the 22 groups reviewed rose 32 TWh in 2007 compared to 2006, or an increase of 1.5 %. Two, the European Carbon Factor 1 was 373 /MWh in 2007, or a rise of 5.3 /MWh compared to 2006 (+1.4 %.s These 22 companies generate 59 % of the emissions in Europe s Power & Heat sector (27 countries. The top ten companies generate 50 % of the emissions in Europe s Power & Heat sector (27 countries. Seven of them have kept their emissions at the same level and the others experienced a rise. The 3 electrical utilities with the highest emissions increase in 2007: CEZ : increase of 10.5 MtCO or +29 % due to a rise in electricity generation of 8TWh (+13 %, including 2, 5TWh with change to energy mix (in Central Europe, less nuclear and renewables and more coal, gas and combined cycle and 3TWh with coal plants (takeover of Varna plant in Bulgaria. E.ON : increase of 7.6 MtCO 2, or +10 % due to a rise in electricity generation of 29TWh (+16 % and change in energy mix (less nuclear and much more gas and oil. RWE : increase of 4.7 MtCO 2, or +3 % due to a revision of the energy mix, most importantly with a reduction in nuclear (nuclear portion in Germany reduced by 15 %. The 3 electrical utilities with the highest emissions reduction in 2007: Dong : reduction of 3.3 MtCO 2, or -28 % due to generation reduction of 5.8TWh (-23 % and improved carbon factor (increase in electricity generated from renewable sources in overall electricity generated, or 16 % versus 12 %. Fortum : reduction of 2 5 MtCO 2, or -43 % due to a reduction in thermal generation of 3TWh (caused by relatively low spot prices and slight increase of nuclear and hydro-electric portion, hence a net improvement to the carbon factor (from 107 to 64. Enel : reduction of 1.8 MtCO 2, or -4 % due to a drop in production of 9.7TWh (-9 %. The top 5 emitters are : RWE (DE, UK : 147 MtCO 2, stable EDF (FR, UK, DE, IT : 94 MtCO 2, stable E.ON (DE, UK : 87 MtCO 2, 10 % rise Vattenfall (DE, SE, FI : 74 MtCO 2, stable Endesa (ES, PT, IT, FR : 64 MtCO 2, stable The 5 best carbon factors : Statkraft (NO : 5 /MWh stable Fortum (FI, SE : 64 /MWh, 40 % Verbund (AT : 120 /MWh, 9 % British Energy (UK : 134 /MWh, +12 % EDF (FR, UK, DE, IT : 145 /MWh, stable The 5 highest carbon factors : DEI (GR : 984 /MWh, stable Nuon (NL : 856 /MWh, stable RWE (DE, UK : 848 /MWh, +10 % Drax (UK : 831 /MWh, stable CEZ (CZ : 635 /MWh, +15 % Still Far from the Long-Term Objectives to Reduce s To stabilise the concentration of CO 2 in the atmosphere to a level that prevents what are potentially the most severe impacts on climate change, global CO 2 emissions will need to be cut in half by 2050 compared to 2006 levels and reduced 80 % in the G7 countries. The decline in the European carbon factor for the electrical utilities observed in 2007 proves there is still much work to be done before these objectives are reached. 1 The carbon factor (or emissions factor is determined by dividing the total CO 2 emissions by the total energy production. It is expressed in /MWh November 2008 European Carbon Factor 3 PricewaterhouseCoopers Enerpresse

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5 Content Summary Context, Objectives and Limits of the Study The Reorganisation of the European CO 2 Market and the Post-Kyoto Talks The Purpose of this Study The Limits of the Study Methodology & Sources Data collection in Europe Coverage Scope Data Published European Analysis (22 companies European Analysis (22 companies Updated Projections on s Leading up to Context s Projections Revised Upward Possible Scenarios for Reductions Climate change as Seen by Corporate Leaders in Annexes A. Data by Company... 9 B. Consolidated Results C. Bibliography Results for s Carbon Factor Major Trends in CO 2 s for November 2008 European Carbon Factor 5 PricewaterhouseCoopers Enerpresse

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7 1. Context, Objectives and Limits of the Study 1.1 The Reorganisation of the European CO 2 Market and the Post- Kyoto Talks In November 2007, PricewaterhouseCoopers and Enerpresse published the sixth edition of the European Carbon Factor. The goal was to identify and provide comprehensive information on the CO 2 emissions 2 of Europe s leading electricity facilities, in light of the introduction of European directive 2003/87/EC (emission trading scheme - or ETS - directive establishing a CO 2 emissions trading scheme. In the current context of the global post-kyoto negotiations aimed to culminate with the Copenhagen conference at the end of 2009, the European Union has completed its regulatory scheme. In 2007, the new European National Allocation Plans (NAP2 were issued for 2008 to 2012 and finalised in consideration of the learning curve from the preceding period. This analysis resulted in a 9% 3 drop in the allowances allocated to the energy sector compared to Furthermore, for the period after 2012 the Commission advised ending free allowance allocation for the electricity sector, since this sector has the option of passing on the CO 2 cost increase to customers. In the longer term, the European Union set an objective at the European Council in March 2007 for an overall reduction of its greenhouse gas emissions by 20% between now and 2020 compared to 1990 levels. This objective will be raised to 30% if a global agreement is reached. 1.2 The Purpose of this Study The purpose of this study is to identify, consolidate, harmonise and present exhaustive data on the CO 2 emissions of Europe s leading energy producers and analyse the main variations in data between 2001 and The Limits of the Study We do not provide comments or opinions on energy prices or the impact of CO 2 in the assessment of the companies included in this study. 2. Methodology & Sources 2.1 Data Collection in Europe Most companies have posted data directly on their Internet sites, in their annual reports and/ or in their Environment/Sustainable Development reports. This transparency of information is due to the new financial and book value of CO 2 emissions since the introduction of the emission trading scheme in Each energy producer provides information relating to installed capacity, production volume and sales achieved. For companies that do not directly report the emissions generated by the electricity they produce, we have calculated the level of emissions by multiplying production figures (per fuel type by the specific carbon factors given in the tables in the GhG protocol 4. For companies that produce both electricity and steam, the overall CO 2 emissions have been allocated to electricity, in proportion to the amount of electrical production in the total energy production. We know that some data may be approximate, especially those calculated by extrapolation. However, we are assuming that the error margin is less than 10%. The recent mergers and takeovers within the energy sector may result in data redundancy if they are not mentioned in the environmental reports. Furthermore, companies differ from each other in the way they present this information in their environmental reports. 2 PFor simplification, the analysis focuses on CO 2 since electricity producers do not emit many other greenhouse gases. 3 Source : PwC calculation from 27 NAPs 4 Source November 2008 European Carbon Factor 7 PricewaterhouseCoopers Enerpresse

8 2.2 Coverage The total greenhouse gas emissions of the European Union (EU27 in 2005 amounted to approximately 5.2 Gt (incl. 425 Gt of CO 2, about 1.3 Gt of which are imputable to the production of power and heat 5. In 2007, total electricity production in Europe rose to 3,183 TWh 6, 67.5% of which is produced by the 22 companies covered by this study. The total volume of emissions analysed in this study is 800 Mt CO 2 /year, accounting for around 53% of the emissions generated by the European energy sector (EU Scope In an effort to fine-tune the results, we have only analysed : n strictly European emissions (by excluding emissions from subsidiaries outside Europe; n emissions only attributable to electricity production (we did not include emissions from other subsidiaries in multi-sector groups Wherever possible, we have also omitted emissions attributable to heat production. When consolidated data on emissions were missing, we had to add figures for recently acquired companies. To do this, we used the control-based consolidation method, rather than the partial integration method, as recommended in the GHG Protocol 7. The data for E.ON is questionable due to lack of details on the carbon factor for subsidiaries in Scandinavian countries, which significantly impact the group s results. To remain consistent with the reporting from previous years, we excluded data on production facilities that do not belong to RWE, yet which RWE uses on an as-needed basis Data Published 2.4.1European Analysis (22 companies We have analysed Europe s top 22 electricity producers using the following criteria: (in TWh. Note: we took into account the electricity generated, as opposed to the electricity sold, which factors in trading activities. s (in t CO /year in terms of electricity generated 2 Carbon Factor (in kg CO /MWh produced 2 Major trends in the carbon factor and CO emissions Recalculation of Historic Data We have updated and recalculated the historical data on production and emissions for some companies to account for the latest published data. EDF holds 50% of the Edison Group (voting rights. However, we incorporated all of EDF s data, as we have been doing for EnBW for many years, since the purpose of this study is to look at overall emissions. Consequently, we reconsolidated EDF s historical data. All the consolidation methods are given in Annex D. This year, we removed Essent and Viesgo from the scope of the study due to lack of transparency of the data on electricity production (for informational purposes, Essent s CO 2 emissions related to electricity production amounts to 14,625,000 tonnes and Viesgo s is 4,200,000 tonnes. 5 European Environment Agency, 2007 study for the year Source: Eurelectric, 2007 study for the year For further details: 8 Or 36.3 TWh from coal plants in Germany, which have a carbon factor of 900 /MWh (data taken from Facts & Figues 2008 report by RWE, and consistent with a study conducted by PricewaterhouseCoopers in 2007 that for this type of plant indicates a range of 818 /MWh to 1184 /MWh: (see Climate/CO2_benchmark.htm European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 8

9 3. Results for Data for the companies increased 32.2 TWh, or +1.5% from 2006 to Eight companies generate 51% of electricity in Europe 27 and the top 22 produce 67.5%. EDF 9 alone accounts for 20% of Europe s production. Electricity production in Europe (for all companies on the panel Electric production in Europe (for the top 6 groups In TWh EDF Group RWE Group E.ON Group Endesa Group Enel Group EDP Group En TWh EDF Group E.ON Group RWE Group Vattenfall Electrabel Endesa Group Enel Group CEZ Iberdrola British Energy DEI Fortum EDP Group Scottish & Southern Statkraft Union Fenosa Verbund Drax Dong : Elsam + Energy E2 Nuon PVO 9 Note: all the EDF data in this report were obtained by adding 100% EDF France, 100% EDF Energy (United Kingdom, 100% EnBW (Germany and 100% Edison-Edipower (Italy - see Annex C. November 2008 European Carbon Factor 9 PricewaterhouseCoopers Enerpresse

10 3.2 s 2007 data The pro-forma emissions for the panel of companies increased 23.1 Mt CO 2 between 2006 and Ten companies are responsible for 50% of the sector s emissions for the EU27. RWE is the biggest emitter in Europe with 147 Mt CO 2, which exceeds emissions from the next biggest emitter (the EDF Group by 56%. E.ON and Vattenfall are not far behind. CO 2 emissions in Europe In Mt of CO EDF Group RWE Group E.ON Group Endesa Group Enel Group EDP Group CO 2 emissions in Europe In Mt of CO RWE Group 94 EDF Group 88 E.ON Group Vattenfall Endesa Group DEI CEZ Enel Group Electrabel Scottish & Southern EDP Group Drax Union Fenosa Nuon Iberdrola Dong : Elsam + Energy E2 British Energy PVO Verbund Fortum Statkraft European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 10

11 3.3 Carbon Factor The average European carbon factor was 373 /MWh in 2007 vs. 367 /MWh in 2006, or an increase of 5.3 /MWh (+1.4%. This annual increase is the highest ever recorded since The carbon factor of some companies is lower than the European carbon factor. This is due largely to their energy mix, which consists mainly of hydro-electric and/or nuclear power. These companies are: Statkraft, EDF, Fortum, British Energy, Verbund, Iberdrola, PVO and Electrabel. The other companies exceeded the European Carbon Factor. Some of them recorded a significant increase or decrease in 2007, compared with 2006: Changes in Carbon Factor The most marked increases in the Carbon Factor in 2007 vs. 2006: RWE: recorded an increase in the Carbon Factor of 77 /MWh or +10% due to a reduction of use of nuclear. CEZ: recorded an increase in the Carbon Factor of 82 /MWh or +15% due to a change in the energy mix (less use of nuclear and renewable energies in Central Europe and more use of coal, gas and combined cycle and production in Bulgaria of an additional 3 TWh from coal (takeover of the Varna plant. The most marked reductions in the Carbon Factor in 2007 vs. 2006: Scottish & Southern: recorded a reduction in the Carbon Factor of 67 /MWh or -11% due to a shift in the energy mix towards more renewable energies and gas. Fortum: recorded a reduction in the Carbon Factor of 43 /MWh or 40% due to a drop in fossil fuel energy production of 3 TWh (caused by the relatively low spot prices and a slight increase in nuclear and hydro-electric. 380 Carbon Factor in /MWh We have noted that the companies that had sharp increases in their Carbon Factor could already have recorded the inverse trend in the previous Carbon Factor study. The peak in 2004 was caused by bad weather conditions that led to a very sharp reduction in the Carbon Factor for Spanish companies (Iberdrola, EDP, Endesa, Enel, Union Fenosa In / MWh Carbon Factor European Carbon Factor 2007 : 373 kg of CO 2 / MWh DEI Nuon RWE Group Drax CEZ Scottish & Union Southern Fenosa Endesa Group Enel Group EDP Group Vattenfall Dong : E.ON Electrabel PVO Iberdrola EDF Elsam + Group Group Energy E British Energy 64 5 Verbund Fortum Statkraft November 2008 European Carbon Factor 11 PricewaterhouseCoopers Enerpresse

12 3.4 Major Trends in CO 2 s for The companies record varying CO 2 emissions levels from year to year. We attempted to recognize the major trends during the course of 2007 The most marked emissions increases from 2006 to 2007: CEZ: increase of 10.5 MtCO 2, or +29% due to a rise in electricity production of 8TWh (+13%, including 5TWh of a change in the energy mix (less use of nuclear and renewable energies in Central Europe and more use of coal, gas and combined cycle and 3 TWh from coal plants (takeover of the Varna plant in Bulgaria. E.ON: increase of 7.6 MtCO 2, or +10% due to a rise in electricity production of 29TWh (+16% and change in energy mix (less nuclear and much more gas and oil. The most marked emissions reductions from 2006 to 2007: Dong: reduction of 3.3 MtCO 2, or -28% due to a drop in production of 5.8TWh (-23% and improved carbon factor (thanks to the increase of electricity generated from renewable sources in the total electricity production, or 16% vs. 12%. Fortum: reduction of 2.5 MtCO 2, or -43% due to lowering thermal production by 3TWh (caused by the relatively low spot prices and a slight increase in nuclear and hydro-electric, hence a net improvement of the carbon factor (from 107 to 64. Major trends in CO 2 emissions between 2006 and Mt CO Enel Group 0 CEZ E.ON Group RW Group Fortum Dong : Elsam + Energy E2 RWE: increase of 4.7 MtCO 2, or +3% due to a shake-up of the energy mix, mostly with less use of nuclear (nuclear in Germany down 15%. Enel: reduction of 1.8 MtCO 2, or -4% due to a reduction of 9.7TWh in production (-9%. European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 12

13 4. Updated Projections for s Leading up to Context In September 2006, PwC Macroeconomics (London published a report 10 that presented various scenarios for CO 2 emissions leading up to The conclusions of this report were presented in the November 2006 edition of the Climate Change and Electricity study, which was updated in July We included the major new findings here. Like in the September 2006 edition, PwC Macroeconomics bases its study on a business-asusual scenario 11, where the assumptions are that: the energy mix remains unchanged in every country between 2008 and 2050; carbon storage technologies are not used. This baseline scenario is then compared to alternative scenarios. Compared to 2006, PwC Macroeconomics considers that the challenges of climate change are even bigger, mostly because the growth projections for China and India have been revised up. Therefore, the growth projections were revised up with the average annual global economic growth estimated at 3.4% (vs. 3.2% in the original study and an estimated 2% growth in consumption of primary energy (vs. 1.6 % in the original study. Table 1 projections for economic growth and growth in consumption of primary energy in the baseline scenario 12 Updated projections (July 2008 report Original projections (September 2006 report GDP growth projection (from now to 2050 Annual Combined in 2050 Growth projection for primary energy consumption (from now to 2050 Annual Combined in ,4 % 325 % 2 % 140 % 3,2 % 306 % 1,6 % 112 % The financial crisis of autumn 2008 was not accounted for when estimating the consumption projections by The World in 2050 :implications of global growth for carbon emissions and climate change policy 11 This baseline scenario (business as usual is not the most probable scenario, especially given the current context of rising prices for fossil fuel energies, but it provides a baseline for comparing possible scenarios 12 Source : World Bank and BP pour 2006, PwC estimate November 2008 European Carbon Factor 13 PricewaterhouseCoopers Enerpresse

14 Gigatonnes of Carbon (GtC per year 4.2. s Projections Revised Upward These new growth projections imply revising the CO 2 emissions projections in the baseline scenario upward. Carbon emissions in 2050 are now estimated at around 19 GtC/year versus a little over 15 GtC/year in the previous version. (In 2006, emissions were slightly below 8 GtC. In this updated baseline scenario, China and India alone would represent 45% of global CO 2 emissions by If we look at the source of these emissions, we see that the strongest growth is coming from the energy sectors (which rises from around 25% of total emissions in 2006 to nearly 30% in 2050 and transport. Generally, the projections forecast a significant increase of CO 2 emissions across all sectors. Global carbon emissions by economic area in the baseline scenario (old and new model Gigatonnes of carbon (GtC par an Other EU US India China (old 2050 (new Source : PwC model projections for BAO scenarios from 2006 report (old and 2008 report (new Global carbon emissions by sector in the baseline scenario GtC Industry / Other Buildings Transport Energy Source : BP & AIE for 2006, PwC model estimates and projections (CO 2 emissions from energy use only European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 14

15 4.3. Possible Scenarios for Reductions It should be noted that global CO 2 emissions are currently twice as high as the oceans and biomass can absorb. To be able to stabilise CO 2 levels in the atmosphere at between 400 and 475 ppm 13 and prevent the potentially more severe effects of climate change, CO 2 emissions will have to be cut in half compared to 2006 levels To reach this objective and account for the new growth hypotheses by 2050, PwC Macroeconomics provided a new scenario called Greener Growth + Carbon Capture and Storage. In effect, the original scenario Green Growth + Carbon Capture and Storage (CCS would no longer have met the requirements of CO2 levels under 450 ppm by This new scenario implies: 14 reducing the energy intensity by 1.5%/year, versus 1% in the original scenario; making renewable energies and nuclear 50% of the global primary energy production, versus 30% in the original scenario. Furthermore, like the original scenario, the new one accounts for the use of CO2 capture technology. Projected scenarios for CO 2 emissions by 2050 GtC pa Business as usual Greener Growth (with CCS More nuclear + renewables Faster energy efficiency improvements Carbon capture ans storage Source : PwC model projections 13 ppm: parts per million, a unit of measure used here to measure the CO 2 concentration in the atmosphere 14 Energy intensity is a measure of an economy s energy efficiency. It is calculated by determining the ratio of energy consumption to production (measured by the Gross Domestic Product. November 2008 European Carbon Factor 15 PricewaterhouseCoopers Enerpresse

16 To achieve the objectives of the Greener Growth + CCS scenario, all large countries will have to make reductions. In particular: 15 by 2050, the G7 countries will have to reduce their emissions by 80% compared to 2006 levels; 16 the E7 countries will have to slow down the growth of their emissions by After this time, these countries will have to begin reducing their emissions at an increased rate to achieve a level of emissions in 2050 that is slightly lower than 2006 levels. Achieving the Greener Growth + CCS scenario is an ambitious objective, but it is technologically feasible. The following table summarises the technologies directly related to electricity production that are already known and have to be developed to reach the objective of stabilising emissions at 450 ppm: Many studies have attempted to estimate investment costs across all sectors to stabilise CO 2 levels at between 400 and 475 ppm. The estimates say between 0 and 5% of global GDP needs to be invested by 2050, with an average of around 2 to 3% of GDP 17. In addition to these investments, PwC Macroeconomics stresses the importance of: a mutually accepted distribution by all parties, cooperation between developed and developing countries, establishing a global pricing system for carbon, additional investments to develop new technologies and transfer them to developing countries Technologies in the power generation sector that can contribute to reaching the reduction objective by Pacala-Socolow (2004 and IEA (2006 Option Energy efficiency More efficient fossil fuel power plants Improve energy mix Switch power plants from coal to gas Nuclear power Wind power Solar power Carbon capture and storage Storage of carbon captured at baseload power plants Changes required to reduce emissions by 1 GtC Improve projected efficiency of coal-fired plants from projected 40% (32% today to 60% Replace 1400 GW of coal plants with gas Add 700 GW capacitymedium/ Low: technical limitations; local environmental concerns; costs if offshore. (twice current levels Add 2 million 1-MW-Peak windmills (50 times current capacity Add 2000 GW-peak PV (700 times current capacity Install CCS at 800GW of coal plants (or 1600GW gas plants Likelihood of achieving this change (PwC assessment High/Medium: more could be done Medium: higher gas prices and security of supply concerns have impacted gas development High/medium: costs have fallen but still concerns about safety, waste management, decommissioning costs and terrorism risks Medium/Low: technical limitations; local environmental concerns; costs if offshore. Low: huge increase needed Medium: requires very large rise in carbon storage capacity 15 G7 : United States, Japan, Germany, United Kingdom, France, Italy and Canada 16 E7: China, India, Brazil, Russia, Mexico, Indonesia and Turkey 17 These figures would be compared to the cost of not taking action on climate change. Only the Stern report proposes a potential cost of 5 to 20% of global GDP if nothing is done. However, PwC Macroeconomics has reservations about this type of assessment. European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 16

17 5. Climate Change as Seen by Corporate Leaders in 2007 In 2008, PricewaterhouseCoopers published the 11th edition of the Annual Global CEO Survey study, which presents the results of a survey of 1,150 corporate leaders in 50 countries 18. We are including here the major findings of this study related to climate change. When asked which major risk factors are likely to affect their company s growth, the leaders first and foremost mentioned the lack of crucial skills and recovery of the global economy. Climate change only ranked 10th (out of 14, which suggests that most corporate leaders do not see climate change as a serious threat in the medium term. At the same time, we noted that nearly 30% of the industry leaders surveyed view climate change as an opportunity to reduce their costs, develop new green products or believe their effort fighting climate change will provide them intangible benefits (better image/reputation, attract new talent. Nevertheless, we noted that more than half the corporate leaders in Asia expressed fears related to shortages in natural resources (67%, climate change (59% and pandemic risks (53%. These fears may be caused by projections from experts stressing the heightened risk in this region. When asked more specifically about their vision of climate change management, the vast majority of the CEOs called for more leadership from governments. Similarly, most leaders surveyed emphasised the need for better collaboration between businesses in fighting climate change. Lastly, there was a near consensus on the need for developed countries to take a stronger stand than developing countries. To what extend do you agree or disagree with each of the following (Base: all repondents 1150 participants Governements should take more of a leadership role in determining mitigation strategies for climate change Source : PricewaterhouseCoopers, 11 e sondage annuel des CEO, 2008 How concerned, if at all, are you about each of these potential threats that could impact on the growth of your business? (Base: All respondents 1,150 Rising energy costs Other cost increases (e.g. compliance, insurance Increased carbon emission regulations Disruptions to supply chain Increased pressure from stakeholders to deal with climate change Developped countries should accept more responsability and costs than developing economies for mitigation climate change Businesses need to collaborate more effectively with industry peers and business partners in mitigating climate change My organisation is investing significant resources to address the risks and opportunities of climate change I am more active in my private life than I am as a CEO in addressing climate change 0% Disagree Disagree Agree strongly Agree strongly Rising threats to the person and/or property due to weather events and changing patterns Not concerned at all Not very concerned % Somewhat concerned Extremely concerned 18 The number of CEOs surveyed was determined in proportion to a country s GDP in Source : PricewaterhouseCoopers 11th Annual Global CEO Survey 2008 November 2008 European Carbon Factor 17 PricewaterhouseCoopers Enerpresse

18 November 2008 European Carbon Factor 18 PricewaterhouseCoopers Enerpresse

19 Annexe A Data per company Country Company (kt CO 2 /MWh (kt CO 2 /MWh (kt CO 2 /MWh (kt CO 2 /MWh (kt CO 2 /MWh (kt CO 2 /MWh (kt CO 2 /MWh Fr/Uk/Ger Groupe EDF Ger/Uk Groupe RWE Swe/Ger/Uk Vattenfall Ger/Uk Groupe E.ON Spa/It/Fr Groupe Endesa It/Spa Groupe Enel Belg/Hol/Fr/ It/Port/Pol Uk Electrabel British Energy Spa Iberdrola Czech rep. CEZ Greece DEI Finland Fortum Nor/Swe/Fin Statkraft Port/Spa Groupe EDP Uk Spa Scottish & Southern Union Fenosa Austria Verbund Uk Drax Denmark Dong : Elsam + Energy E Fin/Swe PVO Holland Nuon NC NC NC NC NC NC Total , ,5 November 2008 European Carbon Factor 19 PricewaterhouseCoopers Enerpresse

20 Annexe B Consolidated Results Country Company (t CO 2 / MWh (t CO 2 / MWh (t CO 2 kg CO2/ MWh (t CO 2 / MWh (t CO 2 / MWh (t CO 2 / MWh (t CO2 / MWh France EDF-France UK EDF Energy Germany EnBW Italy Edison Group Edison Edipower Groupe EDF Germany RWE UK RWE UK Groupe RWE Centrale Europe E.ON UK E.ON UK Nordic Groupe E.ON Spain Portugal Endesa Italy Endesa Italia France SNET Groupe Endesa Vattenfall Electrabel Italy Enel Groupe Enel Portugal EDP P NC NC NC NC NC Spain Hidrocantabrico NC NC NC NC NC Groupe EDP European Carbon Factor November 2008 PricewaterhouseCoopers Enerpresse 20

21 Annexe D Bibliography Pacala, S. and R. Socolow (2004, Stabilization Wedges: Solving the Climate Problem for the Next 50 years with Current Technologies, Science, Vol. 305, 13 August IEA (2006, Energy Technology Perspectives: Scenarios and Strategies to 2050 (Paris: International Energy Agency/OECD Publications. PwC Studies The report The World in 2050: Can rapid global growth be reconciled with moving to a low carbon economy? can be downloaded at: The report The World in 2050: implications of global growth for carbon emissions and climate change policy can be downloaded at: November 2008 European Carbon Factor 21 PricewaterhouseCoopers Enerpresse

22 Contacts»

23 PricewaterhouseCoopers Thierry Raes Sustainable Development Partner 63, rue de Villiers Neuilly sur Seine Cedex thierry.raes@fr.pwc.com Olivier Muller Director Climate Change 63, rue de Villiers Neuilly sur Seine Cedex olivier.muller@fr.pwc.com Enerpresse Valéry Laramée de Tannenberg 17, rue d Uzes Paris Fax vlaramee@groupemoniteur.fr

24 November 2008 PwC

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